CUSTOMER RETENTION STRATEGY IN INSURANCE SECTOR
Journal of Business Management & Social Sciences Research (JBM&SSR)
Volume 3, No.11, November 2014
ISSN No: 2319-5614
Customer Retention Strategy
An Empirical Study In Insurance Sector
Dr. Biswamohan Dash, Assistant Professor, DRIEMS, Cuttack, Odisha, India
Mr. Bibekananda Mohanty, Assistant Professor, DRIEMS, Cuttack, Odisha, India
Dr.Sabyasachi Das, lecturer, Utkal University, Odisha, India
Abstract
This research study is based on impact of customer relationship management practices on insurance sector in Odisha market. The research study mainly focuses on the the pattern of service and the facilitation process for the sake of customers adopted by the CRM driven insurance companies in Odisha.Customer Relationship Management(CRM) practice is now becoming imperative and need of the hour in the cut throat competition held in the insurance sector. Initially LIC of
India was the sole insurance player having larger market share but after liberalization, privatization and globalization so many private insurers came in to the picture. Then they adopted many customer centric strategies to satisfy and retain the customers to gain market share and to survive.CRM is a customer focused strategy adopted by many insurers in India and
Odisha.To recognize the perception of insurance customers in terms of service standard, innovation and quality of products, the efforts have been undertaken through this research study. In this study customer’s opinions have been collected through a structured questionnaire to understand the effectiveness of CRM implementation in relation to the companies like AVIVA, LIC of India, ICICIprudential, Birla sun life and Reliance. Here to measure the customer retention gained by above insurers; factor analysis and group statistics have been used.
Keywords: service standards, customer focused strategy, customer retention, innovation
Introduction
Customer relationship management is an imperative measure in any service sector.it is the main tool in
Volume 3, No.11, November 2014
ISSN No: 2319-5614
Customer Retention Strategy
An Empirical Study In Insurance Sector
Dr. Biswamohan Dash, Assistant Professor, DRIEMS, Cuttack, Odisha, India
Mr. Bibekananda Mohanty, Assistant Professor, DRIEMS, Cuttack, Odisha, India
Dr.Sabyasachi Das, lecturer, Utkal University, Odisha, India
Abstract
This research study is based on impact of customer relationship management practices on insurance sector in Odisha market. The research study mainly focuses on the the pattern of service and the facilitation process for the sake of customers adopted by the CRM driven insurance companies in Odisha.Customer Relationship Management(CRM) practice is now becoming imperative and need of the hour in the cut throat competition held in the insurance sector. Initially LIC of
India was the sole insurance player having larger market share but after liberalization, privatization and globalization so many private insurers came in to the picture. Then they adopted many customer centric strategies to satisfy and retain the customers to gain market share and to survive.CRM is a customer focused strategy adopted by many insurers in India and
Odisha.To recognize the perception of insurance customers in terms of service standard, innovation and quality of products, the efforts have been undertaken through this research study. In this study customer’s opinions have been collected through a structured questionnaire to understand the effectiveness of CRM implementation in relation to the companies like AVIVA, LIC of India, ICICIprudential, Birla sun life and Reliance. Here to measure the customer retention gained by above insurers; factor analysis and group statistics have been used.
Keywords: service standards, customer focused strategy, customer retention, innovation
Introduction
Customer relationship management is an imperative measure in any service sector.it is the main tool in
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